# VEGOILS-Palm rises after 2 sessions of falls on U.S. soyoil strength

> Malaysian palm oil futures rose on Friday after two sessions of declines, tracking stronger U.S. soyoil prices on the Chicago Board of Trade. The benchmark November contract gained 0.5% to 2,229 ringgit a tonne, though it was down 0.4% for the week. Malaysian Palm Oil Association data showed August 1-20 output up 13.8%, above expectations of under 10%.

- Date: 2018-08-24 · published 2018-08-24T12:00:00.000Z
- Category: market · region Malaysia · magnitude low
- Page: https://feedsoft.ai/events/63613-vegoils-palm-rises-after-2-sessions-of-falls-on-u-s-soyoil-strength
- Commodities: [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

Palm oil competes with soyoil in the vegoils market, so firmer soyoil supports palm prices, but a larger-than-expected Malaysian output rise is bearish and limits gains.

## Read by commodity

- SBO: bullish ▲
- PALMOIL: bullish ▲

## Sources

- yahoo.com: https://www.yahoo.com/news/vegoils-palm-rises-2-sessions-052740750.html

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.